I just came over something I found quite interesting Venezuela has most oil reserves in the whole world with around 211,169 - 297,571 mmbbl depending on how much they're either first or second only trailing Saudi Arabia

Keep in mind that one barrel is 42 gallons which is a lot of fukcing oil.

What are they doing with it all and why are they not living the good life, the country only have 28 million citizens and with all this oil they should all be loaded, GDP per capita for the country is around 12,000.

Keep in mind that one barrel is 42 gallons which is a lot of fukcing oil.

true dat, but also remember that it's only crude and has to go through an expensive refining process which wastes a portion of it before turning it in to a spectrum of different products, only a portion of which is petroleum or plastics-grade hydrocarbons.

also remember that the world treats petrol and plastics as completely disposable, so consumption is already enormous and only getting larger as 3rd-world countries 'become advanced'.

and if the arctic sea was a country, it might be #1 on that list.
or maybe it just straight blows OPEC away... i forget. :P

What are they doing with it all and why are they not living the good life, the country only have 28 million citizens and with all this oil they should all be loaded, GDP per capita for the country is around 12,000.

Normally it's private oil companies making money. Before hugo chavez, the private companies where almost getting venezuela oil for free.

Repsol had "stripped" YPF, failed to invest, produce or explore, using the company, as even the Financial Times admitted today, as a "cash cow" to produce funds that would be invested outside of Argentina. "Had this policy of looting, no production, no exploration continued...we would have become an unviable country, not due to lack of resources, but to business practices" and finance, Fernandez said. She documented that Repsol's "business" model meant that in 2011, for the first time in 17 years, Argentina was forced to import oil and gas, to the tune of $9 billion, despite possessing plentiful resources.